PCI Security Standards Council Statement on White House Cybersecurity Summit

Today the PCI Security Standards Council, an open global forum for the development of payment card security standards, applauds the progress made by The White House Cybersecurity Summit at Stanford University. The one day summit, which featured a call to action by President Obama, brought together technology experts from across the country to discuss the future of cybersecurity threats and ways to improve data security.

“Today’s productive discussion kicks off a year that will be the most transformative year in our industry’s history,” said Stephen W. Orfei, General Manager, PCI Security Standards Council. “The President’s new emphasis on cybersecurity issues – coming after recent high profile attacks and before the U.S. transition toward EMV chip technology later this year – has moved these critical issues front and center on the national stage,” added Orfei. “Today we saw an unprecedented gathering together of organizations like PCI and others in the data security world who are coming together to tackle this ever growing global threat. Leaving here today we should all be challenged to come up with new and creative ways to stop the bad guys. We look forward to participating in and leading that discussion,” said Orfei.

The White House Cybersecurity Summit comes at a time of record cyberattacks from sources all around the world. The cost of cyberattacks to the U.S. Economy is $100 billion a year and growing. The average data breach now costs organizations $3.5 million.

“What is at stake in the cyber security discussion is our nation’s national security, the future of our economy and our own individual security.” said Orfei. “We simply must change the casual mindset that too many organizations have when it comes to data security protection. The guiding principle of making cybersecurity a 24/7 priority can serve as an example for both the public and private sector and highlights the need for a multi layered approach to data security.” said Orfei. “Vigilance remains critical. Only a combination of people process and technology, and a focus on making security a “business as usual” practice will help thwart these constant threats.”

“We welcome the Obama Administration and Congress’s attention to these critical issues while reminding everyone that no single technology is the answer and today’s summit is merely the beginning of the discussion in 2015 on data security. We cannot fall into the trap of thinking there’s a silver bullet, there isn’t. A collaborative and vigilant effort between government and the private sector is the only way forward. We welcome more information sharing, stronger law enforcement, and believe global alliances and partnerships between the private and public sector is the best path to creating cyber security in the 21st century,” said Orfei.

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